MIRA INFORM REPORT

 

 

Report Date :

03.02.2014

 

IDENTIFICATION DETAILS

 

Name :

STAPPERT INTRAMET SA

 

 

Registered Office :

Rue Du Parc Industriel 5, 4480 Engis

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

22.12.1962

 

 

Com. Reg. No.:

401875255

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Manufacturer of tubes, pipes, hollow profiles and related fittings, of steel

 

 

No. of Employees :

28 (31.12.2012)

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints 

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 

belgium ECONOMIC OVERVIEW

 

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

 

Source : CIA

 

 


Company name & address

 

Business number

401875255

Company name

STAPPERT INTRAMET SA

Address

RUE DU PARC INDUSTRIEL 5

 

4480 ENGIS

Number of staff

28

Date of establishment

22/12/1962

Fax number

042758290

 

Ultimate holding company

 

Company name

 

Company Number

Stappert Intramet SA

 

401875255

 

 

Commentary

 

The business was established over 51 years ago.

Neutral

The business has 28 employees.

Neutral

The business is part of a group.

Neutral

This business has a foreign parent business.

Neutral

The business has been at the address for over 4 years.

Neutral

The business saw a decrease in their Cash Balance of 34% during the latest trading period.

Negative

Turnover in the latest trading period decreased 28% on the previous trading period.

Negative

 


Accounts

 

Date of latest accounts

Turnover

Profit Before Tax

Net worth

Working capital

31/12/2012

15,800,080

-1,617,562

7,740,709

7,717,364

31/12/2011

22,020,604

-1,444,292

8,744,183

8,922,324

31/12/2010

36,972,867

-405,808

6,826,358

6,895,080

 

Accounts

Date of latest accounts

Balance Total

Number of Employees

Capital

Cashflow

31/12/2012

11,018,950

28

6,717,915

-943,234

31/12/2011

13,412,653

30

6,717,915

3,330,753

31/12/2010

19,429,201

58

6,717,915

381,840

 

Trends

 

Profitability

 

 

Liquidity

 

 

Net worth

 

 

 

Payment expectations

 

Past payments

 

Payment expectation days

39.39

Industry average payment expectation days

57.02

Industry average day sales outstanding

88.84

Day sales outstanding

34.12

 

 

Court data summary

 

Bankruptcy details

Court action type

no

Protested bills

Bill amount

-

NSSO details

Date of summons

-




Business number

401875255

Company name

STAPPERT INTRAMET SA

Fax number

042758290

Date founded

22/12/1962

Company status

active

Company type

Public Limited Liability Company (BE)

Currency

Euro (€)

Date of latest accounts

31/12/2012

Activity code

24200

liable for VAT

yes

Activity description

Manufacture of tubes, pipes, hollow profiles and related fittings, of steel

VAT Number

BE.0401.875.255

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

During the reporting year 
ended 31-12-2012

 

Full-time Employees

25

Part-time Employees

6

Total Fte Employees

29

 

 

Number of hours worked

 

Full-time Employees

41,000

Part-time Employees

7,473

Total

48,473

 

 

Personnel Charges

 

Full-time Employees

1,729,741

Part-time Employees

315,277

Total

2,045,018

Benefits In Addition To Wages

35,207

 

 

During the previous reporting year

 

Average number employees in Fte

38

Actual working hours

63,934

Personnel Charges

2,680,149

Benefits In Addition To Wages

42,792

 


 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

25

4

28

Limited Duration Contracts

-

-

-

Contracts For Specific Work

-

-

-

Contracts Regarding Substitution

-

-

-

 

Gender and Education Level

 

 

 

Men

Full-Time

Part-Time

Total Fte

Primary education

3

1

4

Secondairy education

8

-

8

Higher education (non university)

2

-

2

Higher education (university)

1

-

1

Women

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondairy education

8

2

10

Higher education (non university)

3

-

3

Higher education (university)

-

1

1

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

19

3

21

Blue collar worker

6

1

7

Other

-

-

-

 

Temporary personnel

Total

Average number of temporary staff

1

Actual working hours

1,492

Cost of temporary staff

34,519

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

6

-

6

Leavers

7

2

8

 

Total of formal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of initial training initiatives at the expense of the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

 

Personnel

 (NSSO classification)

Code

-

Description

28 EMPLOYEES

 

Joint Industrial Committee

(JIC)

 

Significant Events

Event Date

05/10/2012

Event Description

authority appointed

Event Details

Commentaire 05-10-2012: Révocation le mandat de Raphael Capieaux et les pouvoirs bancaire attribués a Maria Da Fonseca, Michel Verhaegen et ŕ Financial Management Holding SA.



Comparison Mode

 

average

median

Export accounts to CSV file

 


 

 

Profit & loss

 

Annual accounts

31-12-2012

%

31-12-2011

%

31-12-2010

Industry average
2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

15,800,080

-28.25

22,020,604

-40.44

36,972,867

7,716,086

104

Total operating expenses

17,391,475

-25.78

23,433,170

-37.31

37,378,215

7,406,749

134

Operating result

-1,591,395

-12.66

-1,412,566

-248

-405,348

189,155

-941

Total financial income

28,669

-65.05

82,019

-69.11

265,514

22,820

25.63

Total financial expenses

54,836

-51.79

113,745

-57.23

265,974

64,253

-14.66

Results on ordinary operations before taxation

-1,617,562

-12.00

-1,444,292

-255

-405,808

147,104

-1199

Taxation

99

275

-36

-100

40,090

41,806

-99

Results on ordinary operations after taxation

-1,617,661

-12.01

-1,444,256

-223

-445,898

110,948

-1558

Extraordinary items

316

-99

4,092,800

12092

33,568

26,283

-98.80

Other appropriations

0

-

0

-

0

-

-

Net result

-1,617,345

-161

2,648,544

642

-412,330

130,124

-1342

other information

Dividends

-

-

-

-

-

506,462

-

Director remuneration

-

-

-

-

-

0

-

Employee costs

2,045,018

-23.70

2,680,149

-37.43

4,283,458

859,568

137

      Wages and salary

1,417,069

-30.04

2,025,643

-35.46

3,138,799

631,517

124

      Employee pension costs

-

-

-

-

-

688

-

      Social security contributions

437,892

-28.77

614,734

-35.05

946,432

244,472

79.12

      Other employee costs

190,057

377

39,772

-79.94

198,227

87,069

118

Amortization and depreciation

674,111

-1.19

682,209

-14.10

794,170

355,176

89.80

back to top

balance sheet

 

Annual accounts

31-12-2012

%

31-12-2011

%

31-12-2010

Industry average
2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

869,652

-

1,483,523

-

2,097,393

225,118

286

Tangible fixed assets

59,344

-48.92

116,175

-65.07

332,555

901,093

-93.41

      Land & building

-

-

-

-

72,367

1,519,033

-

      Plant & machinery

17,248

-29.46

24,450

13.99

21,450

208,948

-91.75

      Furniture & Vehicles

28,031

-59.50

69,217

-29.08

97,597

28,92918,337

-3.10

      Leasing & Other Similar Rights

655

-47.35

1,244

-98.59

88,172

174,11815,835

-99

      Other tangible assets

13,410

-36.94

21,264

-59.86

52,969

38,626

-65.28

Financial fixed assets

14,153

-46.70

26,551

33.39

19,905

31,034

-54.40

Total fixed assets

943,149

-42.00

1,626,249

-33.62

2,449,853

1,158,582

-18.59

Inventories

3,372,225

-11.73

3,820,305

-49.49

7,563,411

1,060,610

217

      Raw materials & consumables

-

-

-

-

-

564,949

-

      Work in progress

0

-

0

-

0

198,815

-100

      Finished goods

3,372,225

-11.73

3,820,305

-49.49

7,563,411

296,916

1035

      Other stocks

0

-

0

-

0

43,289

-100

Trade debtors

1,477,197

-64.63

4,175,954

-54.71

9,219,893

1,383,318

6.79

Cash

26,501

-34.01

40,157

-33.42

60,311

1,214,016

-97.82

other amounts receivable

5,199,101

38.79

3,746,150

2692

134,160

588,425

783

Miscellaneous current assets

777

-79.76

3,838

143

1,573

106,353

-99

Total current assets

10,075,801

-14.51

11,786,404

-30.58

16,979,348

3,889,934

159

Total Assets

11,018,950

-17.85

13,412,653

-30.97

19,429,201

4,985,891783,604

121

current liabilities

Trade creditors

1,876,715

-23.61

2,456,896

-54.89

5,446,395

620,784

202

Short term group loans

-

-

-

-

-

-

-

Financial debts

-

-

-

-

3,738,056

475,266144,305

-

Current portion of long term debt

715

-96.30

19,347

-33.61

29,142

144,50421,504

-99

Amounts Payable for Taxes, Remuneration & Social Security

279,652

72.40

162,208

-72.05

580,436

31,712 -

57.25

Miscellaneous current liabilities

201,355

-10.76

225,629

-22.26

290,239

-74.79

- -

Total current liabilities

2,358,437

-17.65

2,864,080

-71.60

10,084,268

1,852,684

27.30

Long term debts and liabilities

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

152

-82.47

867

-95.12

17,766

-99

- -

Deffered taxes

-

-

-

-

-

67,1592,474

-

Provisions for Liabilities & Charges

50,000

-84.38

320,000

-20.68

403,416

220,498 0

-77.32

Other long term liabilities

0

-

0

-

0

46,424

-100

Total long term debts

50,152

-84.37

320,867

-23.82

421,182

840,546

-94.03

shareholders equity

Issued share capital

6,717,915

0

6,717,915

0

6,717,915

1,793,728

274

Share premium account

-

-

-

-

-

0

-

Reserves

1,892,446

-46.08

3,509,791

307

861,247

493,325

283

Revaluation reserve

-

-

-

-

1,344,589

103,750

-

Total shareholders equity

8,610,361

-15.81

10,227,706

14.61

8,923,751

2,292,660

275

Working capital

7,717,364

-13.51

8,922,324

29.40

6,895,080

2,037,250

278

Cashflow

-943,234

-128

3,330,753

772

381,840

466,101

-302

Net worth

7,740,709

-11.48

8,744,183

28.09

6,826,358

2,067,542

274

 

 

ratio analysis

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average
2012

%

Trading performance

Profit Before Tax

-10.24

-56.10

-6.56

-496

-1.10

9,00

-213

Return on capital employed

-18.68

-36.45

-13.69

-215

-4.34

-3,00

-522

Return on total assets employed

-14.68

-36.30

-10.77

-415

-2.09

5,00

-393

Return on net assets employed

-18.79

-33.07

-14.12

-210

-4.55

29,00

-164

Sales / net working capital

2.05

-17.00

2.47

-53.92

5.36

8,00

-99

Stock turnover ratio

21.34

23.00

17.35

-15.20

20.46

15,00

42.27

Debtor days

34.12

-50.71

69.22

-23.95

91.02

105,00

-67.50

Creditor days

39.39

2.93

38.27

-28.04

53.18

61,00

-35.43

short term stability

Current ratio

4.27

3.64

4.12

145

1.68

2,00

113

Liquidity ratio / acid ratio

2.84

2.16

2.78

198

0.93

2,00

42.00

Current debt ratio

0.27

-3.57

0.28

-75.22

1.13

2,00

-86.50

Liquidity ratio reprocessed

-

-

-

-

-

-

-

long term stability

Gearing

0.01

-95.00

0.20

-99

42.41

110,00

-99

Equity in percentage

84.84

-1.05

85.74

66.52

51.49

21,00

304

Total debt ratio

0.28

-9.68

0.31

-73.73

1.18

2,00

-86.00

 

 

Industry comparison

 

Activity code

24200

Activity description

Manufacture of tubes, pipes, hollow profiles and related fittings, of steel

 

 

Payment Information Summary

 

Total number of Invoices available

2

Total number of Invoices paid within or up to 30 days after the due date

0

Total number of Invoices paid more than 30 days after the due date

0

Total number of Invoices currently outstanding where the due date has not yet been reached

1

Total number of Invoices currently outstanding beyond the due date

1

 

Payment expectations

 

Payment expectation days

39.39

Day sales outstanding

34.12

 

Industry comparison

 

Activity code

24200

Activity description

Manufacture of tubes, pipes, hollow profiles and related fittings, of steel

Industry average payment expectation days

57.02

Industry average day sales outstanding

88.84

 

Industry quartile analysis

 

Payment expectations

Company result

39.39

Lower

106.40

Median

60.80

Upper

42.58

 

 

 

Day sales outstanding

Company result

34.12

Lower

74.39

Median

51.10

Upper

34.95

 

 

 


Summary

 

Group - Number of Companies

4

Linkages - Number of Companies

81

Number of Countries

24

 

Group Structure

 

 

Company name

 

Number

Latest 
financials

- STAPPERT INTRAMET SA

 

401875255

31-12-2012

- - NOXON STAINLESS B.V.

 

17069403

31-12-2012

- - TR DISTRIBUTION

 

439566688

 

- - TRINOX

 

 

 

 

Minority Shareholders

 

No minority shareholders found

 

 

Minority Interests

 

No minority interests found

 

 

Linked Companies

 

 

Name

 

number

Latest Key financials

Turnover

IMS S.P.A.

 

00485910012

31.12.2012

€110.788.228

JACQUET NOVA SRL

 

03264410964

31.12.2012

€5.999.137

JACQUET METAL SERVICE

 

311361489

31.12.2008

€13.350.000

JACQUET HOLDING

 

451314660

31.12.2012

-

IMS GROUP HOLDING

 

524221470

31.12.2012

-

STAPPERT DEUTSCHLAND GMBH

 

HRB 20

31.12.2012

€276.767.227

IMS FRANCE

 

524450749

31.12.2012

€95.474.060

JACQUET

 

310174503

31.12.2012

€32.422.759

ABRASERVICE FRANCE

 

524444353

31.12.2012

€25.586.985

INTERNATIONAL METAL SERVICE (UK) LIMITED

 

01059839

31.12.2012

Ł3.735.410

STAPPERT FRANCE

 

524433869

31.12.2012

€15.729.885

ABRASERVICE HOLDING

 

524195500

31.12.2012

-

DETAIL INOX

 

391194313

31.12.2012

€5.169.798

HOSELMANN STAHL GMBH HANDEL UND ANARBEITUNG

 

HRB 59464

31.12.2012

€46.216.406

ABRASERVICE DEUTSCHLAND GMBH

 

HRB 64058

31.12.2012

€14.319.911

JACFRIESLAND B.V.

 

01101917

31.12.2012

-

OXYCOUPAGE SCIAGE SERVICES

 

327852125

31.12.2012

€4.005.290

JACQUET (UK) LIMITED

 

03275210

31.12.2012

Ł6.633.630

JACQUET INTERNATIONAL

 

B49219

31.12.2011

-

JACQUET SVERIGE AB

 

5566148838

31.12.2012

39.225 KSEK

 

NSSO details

 

Business number

401875255

 

Bankruptcy details

 

There is no bankruptcy data against this company

 

 

court data

 

there is no data for this company

 

Current director details

 

Name

JACQUET METAL SERVICE SA

Position

Director

Start Date

01/09/2011

Street

7 RUE MICHEL JACQUET

Post code

69800

Country

France

 

Name

MARIA DA FONSECA

Position

Director

Start Date

14/11/2005

Date of birth

10/12/1967

Country

France

 

Name

THIERRY PHILIPPE

Position

Managing Director

Start Date

31/05/2011

End Date

30/05/2017

Date of birth

02/07/1975

Street

7 RUE MICHEL JACQUET

Post code

69800

Country

France

 

Name

PHILIPPE GOCZOL

Position

Managing Director

Start Date

31/05/2011

End Date

30/05/2017

Date of birth

05/12/1965

Street

7 RUE MICHEL JACQUET

Post code

69800

Country

France

 

Name

STEFAN MÜLLER-BERNHARDT

Position

Managing Director

Start Date

24/11/2011

Date of birth

22/06/1965

Country

France

 

 

Name

STEFAN MÜLLER-BERNHARDT

Position

Director

Start Date

24/11/2011

Date of birth

22/06/1965

Country

France

 

 

Name

STEFAN MULLER-BERNHARDT

Position

Managing Director

Start Date

24/11/2011

End Date

23/11/2017

Street

11 RUE CLOS SAVARON

Post code

69004

Country

France

 

 

Name

JEAN-YVES BOUFFAULT

Position

Legal Representative

Start Date

15/05/2009

 

 

Name

ERIC JACQUET

Position

Legal Representative

Start Date

05/10/2012

 

Name

STEFAN M?LLER?BERRNHARDT

Position

Managing Director

Start Date

24/11/2011

 

 

Former director details

 

Name

FINANCIAL MANAGEMENT HOLDING SA

Position

Managing Director

Start Date

24/01/2008

End Date

-

Date of birth

10/12/1985

Street

6 CHAUSSÉE DE BOONDAEL BRUXELLES

Post code

1050

Country

Belgium

 

Name

FAUSTO BELTRAMI

Position

Director

Start Date

24/01/2008

End Date

-

Street

1 AVENUE ALEXANDER FLEMING OTTIGNIES-LOUVAIN-LA-NEUVE

Post code

1348

Country

Belgium

 

 

Name

ANTONIO MARCEGAGLIA

Position

Director

Start Date

24/01/2008

End Date

-

Street

1 AVENUE ALEXANDER FLEMING OTTIGNIES-LOUVAIN-LA-NEUVE

Post code

1348

Country

Belgium

 

 

Name

MARIA-ORLANDO RIBEIRO FERNANDES

Position

Director

Start Date

24/01/2008

End Date

31/12/2010

Street

1 AVENUE ALEXANDER FLEMING OTTIGNIES-LOUVAIN-LA-NEUVE

Post code

1348

Country

Belgium

 

 

Name

JEAN-PAUL LAMBRECHT

Position

Managing Director

Start Date

27/07/1999

End Date

-

Street

45 JAGERSSTRAAT ZAVENTEM

Post code

1933

Country

Belgium

 

 

Name

INTERNATIONAL METAL SERVICE FRANCE SOC. ETRANGERE

Position

Director

Start Date

11/06/2007

End Date

15/05/2009

Street

 

Post code

 

Country

France

 

 

Name

HERVÉ BIANCARELLI

Position

Managing Director

Start Date

30/04/2008

End Date

25/06/2009

Date of birth

12/10/1959

Street

 

Post code

 

Country

France

 

 

Name

PIERRE-YVES LE DAERON

Position

Director

Start Date

11/06/2007

End Date

-

Date of birth

11/07/1958

Street

 

Post code

 

Country

France

 

 

Name

PHILIPPE BRUN

Position

Director

Start Date

11/06/2007

End Date

-

Date of birth

07/11/1960

Street

 

Post code

 

Country

France

 

 

Name

MARIA DA FONSECA

Position

Managing Director

Start Date

22/05/2007

End Date

30/04/2008

Date of birth

10/12/1967

Street

 

Post code

 

Country

France

 

 

Name

THIERRY PHILIPPE

Position

Director

Start Date

01/09/2011

End Date

31/12/2012

Date of birth

02/07/1975

Street

7 RUE MICHEL JACQUET

Post code

69800

Country

France

 

 

Name

PHILIPPE GOCZOL

Position

Director

Start Date

01/09/2011

End Date

31/12/2012

Date of birth

05/12/1965

Street

7 RUE MICHEL JACQUET

Post code

69800

Country

France

 

 

Name

ANTONIUS VAN DE HEIJDEN

Position

Director

Start Date

11/06/2007

End Date

15/05/2009

Date of birth

20/10/1960

Street

 

Post code

 

Country

The Netherlands

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.62.48

UK Pound

1

Rs.102.95

Euro

1

Rs.84.60

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.